What is a concept of business’s activities can be sliced into small time segments.
100
Accumulated Depreciation
What is the sum of all depreciation expense recorded to date for a depreciable asset.
100
Book Value
What is A depreciable asset’s cost minus accumulated depreciation
100
Depreciation
What is the process by which businesses spread the allocation of a plant asset’s cost over its useful life.
100
Worksheet
What contains the Unadjusted Trial Balance, Adjusting Entries, Adjusted Trial Balance all in one document?
200
Adjusting Entry
What is an entry made at the end of the accounting period used to record revenues to the period in which they are earned and expenses to the period in which they occur.
200
Adjusted Trial Balance
What is A list of all accounts with their adjusted balances.
200
Accrued Expense
What is An expense that the business has incurred but has not yet paid
200
Contra Account
What is an account paired with, and listed immediately after, its related account in the chart of accounts and associated financial statement and whose normal balance is the opposite of the normal balance of the related account.
200
12 months
What is considered a fiscal year?
300
Accrued Revenue
What is Revenue that has been earned but for which the cash has not yet been collected.
300
Deferred Expense
What is An asset created when a business makes advance payments of future expenses.
300
Residual Value
What is The expected value of a depreciable asset at the end of its useful life.
300
Fiscal Year
What is an accounting year of any 12 consecutive months that may or may not coincide with the calendar year.
300
GAAP
What requires the use of accrual basis of accounting?
400
Worksheet
What is an internal document that helps summarize data for preparing financial statements
400
Revenue Recognition Principle
What is the principle that requires companies to record revenue when it has been earned and determines the amount of revenue to record.
400
Accrual Basis Accounting
What is Accounting method that records revenues when earned and expenses when incurred.
400
Cash Basis Accounting
What is the accounting method that records revenues only when cash is received and expenses only when cash is paid.
400
Deferred Revenues
What is another name for unearned revenues?
500
Matching Principle
What is Guides accounting for expenses, ensures that all expenses are recorded when they are incurred during the period and matches those expenses against the revenues of the period.
500
A depreciation method that allocates an equal amount of depreciation each year.
(Cost-Residual value)/Useful Life.
What is Straight Line Depreciation
500
Plant Asset
What is a long-lived, tangible asset, such as land, building, equipment, used in the operation of a business.
500
Deferred Revenue
What is a liability created when a business collects cash from customers in advance of completing a service or delivering a product.
500
Adjusting Entry
What is recorded only at the end of the accounting period and used to record either revenue earned or expenses incurred?